Carl Icahn sells his Apple position; ouch, thats gotta hurt.

Billionaire investor Carl Icahn, a prominent supporter of Apple in the past, has told CNBC that he has sold his Apple position; in part over concerns of Chinese weakness.

Icahn’s comments sent the market into a tailspin and the tech giant has lost another 3 percent.

Jim Cramer, the Host of Mad Money said, "I think rather than focusing on Icahn likes or dislikes — and I love the guy — we need to focus on what this market wants out of a company."

Look, what do I know. I am not some billionaire investor; I can barely manage my banking fees. However, Apple had a $50 billion quarter, and of that was $10 billion in profit - that is right $10 billion. I mean sure its the first quarter in nearly 13 years that Apple has not had growth, but come on. The company recently made the most money of any company, ever. Yeah, ever! Since the beginning of time for the love of Pete.

I am a big supporter of Apple; love the company, products, employees, and its leader. So, maybe I am a little biased, but I think when your at the level that Apple is at, there's going to be weak quarters, and for everyone to start jumping ship because of one guy is ludicrous to me. Although, I suppose I understand, I mean Icahn has been touting Apple's horn for a long time, and to all of a sudden do a 360...does make you think. Although, nearly two years ago Icahn published an open letter to Tim Cook, requesting that Apple increase buyback through a tender offer.

“Therefore, given the persistently excessive liquidity of $133 billion net cash on Apple’s balance sheet, we ask you to present to the rest of the Board our request for the company to make a tender offer, which would meaningfully accelerate and increase the magnitude of share repurchases. We thank you for being receptive to us the last time we requested an increase in share repurchases, and we thank you in advance now for any influence you may choose to have communicating to the rest of the Board the degree to which a tender offer would have a positive impact on an EPS basis for all shareholders… We think a tender offer is simply a good method of conducting a large repurchase in an expedited timeframe, but the exact method and the exact size is not the key issue for us. We are simply asking you to help us convince the board to repurchase a lot more, and sooner. We feel compelled to do so because we forecast such impressive earnings growth over the next few years, and therefore we believe Apple is dramatically undervalued in today’s market, and the more shares repurchased now, the more each remaining shareholder will benefit from that earnings growth” - says Icahn.

If you are having trouble sleeping, you can read the entire letter here.

I suppose the issue is that Apple has such a big market cap, which without the iPhone gaining momentum, everything else barely makes a difference.

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